Wednesday's Small-Cap Winners & Losers

Critical Therapeutics ( CRTX) surged 25% after Merck KGaA affiliate Dey agreed to co-promote two of the Lexington, Mass., biotech's zileuton asthma drugs, one of which is still awaiting approval by the Food and Drug Administration. Critical Therapeutics will additionally help promote one of Dey's drug candidates, should it receive regulatory approval. The deal's financial terms weren't disclosed. Shares were up 45 cents to $2.25.

Evolving Systems ( EVOL) posted nickel-a-share profits for the fourth quarter -- a 1-cent climb from last year that tops the only analyst's estimate by 2 cents, according to Thomson Financial. Revenue dropped 13% to $8.8 million from a year ago, but this tops the sole target by $300,000. Shares of the Englewood, Colo., technical-software company were up $1.67, or 12.6%, to $1.88.

MedAvant Healthcare Solutions ( PILL) plummeted 35.6% after the Norcross, Ga., medical-transaction processor said stockholders' equity sank 17% year over year to $27.4 million in the fourth quarter. Revenue fell 8% to $15.8 million. Losses narrowed to $1.6 million, or 12 cents a share, from 14 cents a share last year, but shares were still off $1.77, at $3.20.

First Consulting Group ( FCGI), a Long Beach, Calif., business-services firm, tumbled 23% after posting fourth-quarter profits of $5.1 million, or 19 cents a share, which missed consensus estimates by 2 cents a share even though it reversed a year-ago 41-cent loss. The company also expects first-quarter revenue of between $64 million and $66 million, which misses Street expectations by at least $4.9 million. Shares were down $2.68, to $8.98.

Waste-management company Clean Harbors ( CLHB) fell 3 cents short of fourth-quarter per-share estimates despite ratcheting up its profits to 56 cents a share, compared with 43 cents a year ago. The Norwell, Mass., firm was losing $6.15, or 12.1%, to $44.75 in recent trading.